U.S. Senators Bob Menendez (D-N.J.), John Kennedy (R-La.), Chris
Van Hollen (D-Md.), Marco Rubio (R-Fla.), Elizabeth Warren (D-Mass.),
Thad Cochran (R-Miss.), members of the Senate Banking and Appropriations
Committees that oversee the National Flood Insurance Program (NFIP),
today introduced comprehensive, bipartisan legislation to extend the
NFIP for six years while instituting a series of sweeping reforms to
address the waste, abuse and mismanagement plaguing the system. Sens.
Cory Booker (D-N.J) and Bill Nelson (D-Fla.) have signed on as original
cosponsors.

The Sustainable, Affordable, Fair, and Efficient (SAFE) National
Flood Insurance Program Reauthorization Act of 2017 tackles systemic
problems with flood insurance, puts it back on solid fiscal ground, and
reframes the nation's entire disaster paradigm to one that focuses
more on prevention and mitigation to spare the high cost of rebuilding
after flood disasters. Congress must reauthorize the NFIP, which expires
on Sept. 30, 2017.

"Americans deserve a National Flood Insurance Program that is
sustainable for taxpayers, affordable for homeowners, and accountable to
everyone," said Sen. Menendez, a senior member of the Senate
Banking Committee and chair of the Sandy Task Force. "If we want a
more sustainable system, the answer isn't to slam homeowners with
even higher premiums. This legislation puts the lessons we learned after
Superstorm Sandy into action, levels the playing field for
policyholders, and attacks the NFIP's rampant waste and abuse to
create real savings and greater investment in mitigation and resiliency
efforts to make our residents and communities safer."

"More than five million Americans depend on this vital program
to protect their homes and businesses. This is an essential program, not
just for Louisiana, but for the entire U.S," said Sen. Kennedy, who
sits on both the Senate Banking and Appropriations Committees. "We
have to ensure that families and businesses in flood-prone areas are
protected. This bill will reauthorize the National Flood Insurance
Program while making common sense reforms to maintain its
solvency."

"From Ellicott City to the Eastern Shore, flooding impacts
communities across Maryland," said Sen. Van Hollen, a member of the
Senate Banking Committee. "We need to reform the National Flood
Insurance Program to ensure that families and businesses have the
affordable coverage they need, our flood maps are based on the most
update-to-date science, and the NFIP program has long-term stability for
communities across the country."

"The National Flood Insurance Program is vitally important to
my home state of Florida, which is a major contributor to the
system," said Sen. Rubio, a member of the Senate Appropriations
Committee. "This bill helps ensure long-term stability, while
providing much needed reforms to protect the program's
policyholders. It is past time for the federal government to take a more
proactive approach in addressing the underlying risk affecting flood
prone communities. I am proud to have worked with this bipartisan group
to make our National Flood Insurance Program more viable, sustainable
and accountable."

"It's time to come together to pass a long-term,
bipartisan NFIP reauthorization that makes much-needed reforms to the
flood insurance program," said Sen. Warren, a member of the Senate
Banking Committee. "Our bill will make changes that extend
affordable flood insurance protection to everyone who needs it and that
places more emphasis on better flood mapping, prevention, and
resiliency."

"Policyholders in Mississippi and around the country know the
National Flood Insurance Program needs to be reformed. This legislation
is a solid starting point to make the program more affordable and
accountable. We want to return emphasis on flood control infrastructure,
and fully recognize the physical and financial protections gained from
these cost-shared investments," said Sen. Cochran, chairman of the
Senate Appropriations Committee. "I look forward to working to pass
bipartisan reforms that offer better flood protection and more effective
coverage for homeowners, businesses, and communities."